When it comes to turning corporate social responsibility (CSR) into profit, research shows family businesses have the advantage. CSR is a form of self-regulation where businesses make concerted efforts to be socially and ethically accountable to themselves, their stakeholders and the public.
In our recent study on S&P 500 firms’ CSR strategies, we found that family businesses get more bang for their buck. While family owners can sometimes be bad for business — the desire for control can result in family-owned businesses under-investing in things like innovation and diversification — they can also be beneficial.
